Insurance Technology Featured Article

American International Group, Inc., a premier international insurance organization recently opted for Accenture’s (News - Alert) Life Insurance Platform, to create and modify products faster in order to attract and retain customers.

ALIP is a robust, configurable and scalable solution that delivers life insurance and annuity carriers of all size solutions for product development, new business, underwriting, policy administration and payout.

Officials said that the ALIP will be implemented across AIG’s U.S. life insurance business. With the help of the solution, AIG will be able to increase its agility and introduce new products to the market more quickly.

Scott Reed, Senior VP and CIO, Life Insurance, AIG, said “The platform’s ease of configurability will help support product innovation and facilitate the ability to extend into new markets. With better data access and integration, we will also be able to improve our customer service.”

AIG's life insurance division will use ALIP for new product development and selected closed blocks - policies that the firm no longer underwrites or markets.

It will also utilize the ALIP underwriting component, a rules-based, highly configurable system that can streamline the underwriting process, to help drive growth and profitability, expand into new market segments and reduce costs.

Additionally, AIG will also be able to accelerate new feature and product introduction by leveraging the Accenture Actuarial Calculation Engine.

Shay Alon, global managing director, Life & Annuity software at Accenture, said “We are excited that they have chosen ALIP as their new software platform. By working together, we will help AIG achieve operational excellence through a modern and flexible platform that supports long-term growth. AIG will also benefit from our continuous investments in the software to include new innovative solutions, which are designed to support insurers’ digital agenda.”